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Report · FolioPlanned

October 10 Crypto Crash: The On-Chain Liquidation Record

What did on-chain venues record during the October 10, 2025 liquidation cascade?

The October 10, 2025 crash as the chains recorded it: liquidations by venue and hour, Hyperliquid auto-deleveraging and lending markets.

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Blueprint

What the report will cover.

The report as it will open in Folio. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.

An explainer, dated and cited

October 10 Crypto Crash: The On-Chain Liquidation Record

  1. Hour by hour

    How prices, liquidations and gas moved through the window, from the tariff news to the rebound, in one timeline.

    • Liquidations per hour
    • Largest hourly price drop
    • Peak gas price

  2. Hyperliquid and auto-deleveraging

    Liquidations and auto-deleveraging fills on Hyperliquid by market, the positions closed against their owners' will and how its liquidity vault fared.

    • Liquidated on Hyperliquid
    • Auto-deleveraged notional
    • Markets that auto-deleveraged
    • Liquidity vault result for the day

  3. Lending markets

    Liquidations on Aave, Compound, Morpho and Spark, the collateral seized, the liquidators who acted and any bad debt left behind.

    • Collateral liquidated by protocol
    • Bad debt left
    • Liquidations by collateral asset

  4. Oracles, pools and pegs

    What oracle feeds and DEX pools showed during the drop, how far they diverged and how USDe and other stablecoins traded on-chain.

    • Largest gap between oracle and pool
    • USDe low on-chain
    • Redemptions processed

  5. What the exchanges reported

    Exchange-published liquidation totals and compensation announcements, quoted with their sources and set beside the on-chain record.

    • Exchange-reported liquidations

  6. What changed after

    Changes venues and protocols made in the following weeks: risk limits, oracle settings and auto-deleveraging rules, with their transactions where on-chain.

About

What it answers, and for whom.

On October 10, 2025, a US tariff announcement against China hit markets that were carrying very high leverage, and crypto prices fell within hours. The sell-off was widely reported as the largest liquidation event in crypto's history, much of it on exchanges whose books are off-chain. This report reconstructs the part the chains recorded: every liquidation on Hyperliquid and on lending markets, hour by hour.

It covers what made the day distinctive. Hyperliquid's auto-deleveraging closed profitable positions to cover bankrupt ones. One exchange's internal price for USDe fell far below on-chain pool prices, while redemptions kept working. Lending protocols' oracles and liquidators were tested at a scale they rarely see. Every figure will be tied to transactions, so the record can be checked rather than retold.

Exchange-reported liquidation totals are cited for context and kept apart, because they cannot be checked on-chain. The report is one dated edition, corrected in place when new on-chain evidence appears, with each correction listed.

Method

How it will be measured.

Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.

How receipts work →
  1. The window runs from the hours before the first sharp drop on October 10, 2025 to the end of October 11 in UTC, and every count is pinned to blocks inside it.
  2. Hyperliquid liquidations and auto-deleveraging fills are read from HyperCore's fill records, marked by type, with the account, market, size and price of each.
  3. Lending liquidations are decoded LiquidationCall events and their equivalents on Aave, Compound, Morpho and Spark, valued at the oracle price of the liquidation block.
  4. Oracle feeds and DEX pool prices are sampled through the window to show what each protocol saw; exchange-reported totals are quoted with their sources and never added to on-chain sums.

The data it needs

Chain data, with some off-chain sources

  • liquidationsTo buildLiquidationsEvery liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time.
  • perps_markets_dailyTo buildOn-chain perpetualsVolume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
  • native_prices_dailyTo buildOracle prices by dayReference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
  • stablecoin_pegs_dailyTo buildStablecoin pegsHow far each stablecoin trades from its peg, from DEX pool prices and on-chain oracle feeds, with the deepest deviation of each day.
  • dex_swaps_dailyTo buildDEX volumeSwap counts and volume per DEX, pool and chain per day, decoded from Swap events, valued with stablecoin legs and oracle prices.
  • lending_markets_dailyTo buildLending marketsSupply, borrow, utilization and rates per lending market (Aave, Morpho, Spark, Compound, Euler and others) at day end.
  • HyperCore fills for October 10 and 11, 2025, marked as liquidation or auto-deleveraging
  • LiquidationCall and equivalent events on Aave, Compound, Morpho and Spark in the window
  • GMX v2 liquidation logs on Arbitrum and Avalanche
  • Chainlink latestRoundData and DEX pool prices sampled through the window
  • Exchange-reported liquidation totals, recorded with their sources and kept apart
Questions

Questions people ask.

What caused the October 10 crypto crash?

A US tariff announcement against China set off a broad sell-off at a time when leverage across crypto venues was very high. Falling prices forced liquidations, which pushed prices lower and forced more, a cascade made worse by thin order books late on a Friday.

What is auto-deleveraging?

When a liquidated position's losses exceed what its margin and the venue's backstop can cover, auto-deleveraging closes positions on the other side at the bankruptcy price, ranked by profit and leverage. On October 10, Hyperliquid's auto-deleveraging closed many profitable positions, which traders saw in their fills.

Did USDe lose its peg?

Its price fell sharply on one exchange's order book, where that exchange's margin system valued collateral at its own prices. On-chain pools traded far closer to a dollar and redemptions continued. The report shows on-chain prices block by block, beside the exchange quote.

How much was liquidated on-chain?

The report's headline figures name on-chain liquidations on Hyperliquid and on lending markets for the window, each summed from its transactions. Exchange-reported totals for off-chain venues are quoted beside them with their sources, because they cannot be verified from a chain.

Did DeFi lending markets hold up?

The report checks this directly: liquidations executed per protocol, positions left with bad debt, how far oracle prices lagged DEX prices and the gas liquidators paid. It states what the chains show rather than a verdict.

Liquidation cascade
A chain reaction in which forced selling from liquidations pushes prices lower and triggers more liquidations.
Auto-deleveraging
A venue's last-resort mechanism that closes opposing positions at the bankruptcy price when its backstop cannot absorb a loss.
Bankruptcy price
The price at which a position's losses equal its margin, leaving nothing to cover any further loss.
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